Roughly 28% of non-retired U.S. adults report having nothing set aside for retirement, and about 46% of all U.S. households hold no assets in a dedicated retirement account. Those are the two most-cited figures on the percentage of Americans with no retirement savings, drawn from the Federal Reserve’s 2022 Survey of Consumer Finances and its 2022 Survey of Household Economics and Decisionmaking.1Congress.gov. Distribution of Retirement Account Balances: Analysis of the 2022 Survey of Consumer Finances2Federal Reserve. Report on the Economic Well-Being of U.S. Households in 2022 – Retirement and Investments The share of non-retired adults with zero savings rose three points in a single year, from 25% in 2021 to 28% in 2022.
One caveat matters before going further. Both surveys count only tax-advantaged retirement accounts: 401(k)s, 403(b)s, IRAs, thrift savings accounts, and Keogh plans.3Federal Reserve. Changes in U.S. Family Finances From 2019 to 2022: Evidence From the Survey of Consumer Finances Money in a regular brokerage account, a savings account, or home equity doesn’t count. Neither does Social Security or a traditional employer pension. Someone with a public-sector pension and no 401(k) shows up in the data as having “zero saved,” even though their retirement income is secure. That exception affects a shrinking share of the workforce as defined-benefit pensions fade from the private sector.
Who Is Most Likely to Have Nothing Saved
The zero-savings population is not evenly distributed. Income is the strongest predictor, and it works largely through workplace access. Among full-time workers in the bottom tenth of earners (under $27,400 per year), 78.7% have no access to any employer retirement plan. Among the top tenth (above $180,600), only 18.2% lack access.4Economic Innovation Group. The U.S. Retirement System: Fast Facts You cannot contribute to a plan that doesn’t exist.
The SHED data shows sharp differences by race and ethnicity. Among non-retired adults in 2022, 80% of White respondents had at least some retirement savings, compared with 60% of Black respondents and 56% of Hispanic respondents.5Federal Reserve. Economic Well-Being of U.S. Households in 2022 That leaves roughly 40% of Black non-retirees and 44% of Hispanic non-retirees with nothing saved, versus 20% of White non-retirees.
Age changes what these numbers mean. One in five adults aged 50 and older reports zero retirement savings, according to a 2024 survey. At that stage, the runway to compound growth is short, and the standard fixes (contribute more, wait longer) are far harder to apply.
Why the Gap Exists
The U.S. retirement system runs through employers, so the largest single reason people have nothing saved is that their job doesn’t offer a plan. About 42% of full-time workers between 18 and 65 have no access to an employer retirement plan, which works out to roughly 40.6 million people. For part-time workers in the same age range, 79% have no access.4Economic Innovation Group. The U.S. Retirement System: Fast Facts Small businesses, gig workers, and independent contractors are concentrated in that gap.
Access is not the only barrier. Among full-time workers who do have access to a defined contribution plan but don’t participate, 43.5% cite affordability as the reason.6The Pew Charitable Trusts. Employer-Sponsored Retirement Plan Access, Uptake and Savings When paychecks are absorbed by rent, groceries, and childcare, contributing feels impossible even when the option is there.
What Social Security Alone Actually Covers
For anyone with no savings, Social Security is the entire plan. The projected average monthly benefit for retired workers in January 2026 is $2,071 after the 2.8% cost-of-living adjustment, or about $24,850 per year.7Social Security Administration. 2026 Cost-of-Living Adjustment (COLA) Fact Sheet The federal poverty line for a single person sits around $15,650, so the average benefit lands above poverty but not by much.
Social Security was designed to replace only part of pre-retirement income. For a middle earner, it replaces roughly 40%. Low earners get a higher replacement rate and high earners a lower one, but none approaches the 70% to 80% that financial planners typically recommend for maintaining your standard of living. Anyone relying on Social Security as their sole income should expect a lower standard of living in retirement than during working years.
The program’s finances add another consideration. The 2025 Trustees Report projects that the Old-Age and Survivors Insurance trust fund will be depleted by 2033. Ongoing payroll tax revenue would then cover only about 77% of scheduled benefits.8Social Security Administration. Trustees Report Summary Congress may act before that point, but any solution is likely to involve some mix of benefit changes, tax changes, or eligibility changes. The households with the least ability to absorb a cut are the ones with no other savings.
What’s Changing
Two policy shifts are starting to pull more workers into the system without requiring them to act.
SECURE 2.0 requires new 401(k) and 403(b) plans, for plan years beginning after December 31, 2024, to automatically enroll eligible employees at a default contribution rate between 3% and 10% of pay, escalating one percentage point per year to at least 10% (up to a 15% cap). Employees can opt out or change their rate. The mandate has significant exceptions: businesses under three years old, employers with 10 or fewer employees, SIMPLE 401(k)s, government plans, and church plans are all excluded, and it applies only to new plans.9Federal Register. Automatic Enrollment Requirements Under Section 414A The 10-employee carveout limits reach precisely where the access gap is widest.
States have moved faster on the workers left out entirely. As of early 2026, 15 states operated active auto-IRA programs, and more than one million workers had collectively saved over $2.5 billion through them.10The Pew Charitable Trusts. Status of State Auto-IRA Savings Programs These programs require covered employers without their own plans to enroll workers in a state-run Roth IRA via payroll deduction, with a default contribution rate of roughly 3% to 5% unless the employee opts out. If your employer doesn’t offer a plan and you live in one of these states, you may already be enrolled.
What to Do If You Have No Workplace Plan
Anyone with earned income can open a traditional or Roth IRA on their own. For 2026, the contribution limit is $7,500, or $8,600 if you are 50 or older.11Internal Revenue Service. 401(k) Limit Increases to $24,500 for 2026, IRA Limit Increases to $7,500 A traditional IRA gives you a tax deduction now; a Roth IRA lets money grow and come out tax-free later. If you have no workplace plan, the traditional IRA deduction is available regardless of income.
Self-employed workers have larger options. A SEP IRA allows contributions of up to 25% of net self-employment income, with a 2026 maximum of $72,000. A solo 401(k) also allows up to $72,000 in combined employee and employer contributions, offers a Roth option that the SEP generally does not, and adds catch-up contributions for those 50 and older. Most brokerages can set either up.
Low- and moderate-income savers may qualify for the Saver’s Credit, which cuts your federal tax bill by up to 50% of the first $2,000 contributed to a retirement account, worth as much as $1,000. For 2026, income limits are $80,500 for married filing jointly, $60,375 for heads of household, and $40,250 for single filers.11Internal Revenue Service. 401(k) Limit Increases to $24,500 for 2026, IRA Limit Increases to $7,500 The credit is nonrefundable, so it can reduce your tax to zero but won’t produce a refund on its own. Starting in 2027, it is scheduled to be replaced by a federal Saver’s Match that deposits matching funds directly into your retirement account.12Office of the Law Revision Counsel. 26 USC 25B – Elective Deferrals and IRA Contributions by Certain Individuals
Late starters get room to catch up. Workers 50 and older can contribute up to $32,500 to a 401(k) in 2026 (the $24,500 base plus an $8,000 catch-up). A special higher catch-up applies to workers aged 60 through 63, raising their 401(k) ceiling to $35,750. IRA catch-up contributions for those 50 and older add $1,100 to the standard $7,500 limit.11Internal Revenue Service. 401(k) Limit Increases to $24,500 for 2026, IRA Limit Increases to $7,500 Those ceilings only matter if you can reach them, but for anyone whose income improves in the second half of their career, they leave real room to close the gap.